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Terra Classic (LUNC) has recorded a new high in daily transactions as users gradually return to the controversial blockchain ecosystem.
At its peak in 2021, Terra was one of the most widely used blockchains, owing to the broad adoption of its LUNA coin and sister token TerraUSD (UST). However, the project’s infamous multi-billion collapse a year later led to the birth of two different chains, Terra 2.0 and Terra Classic.
Since then, the diverse communities have been making concerted efforts to bring back the respective ecosystems to their past glory. For the Terra Classic community, a host of recent moves have yielded results, with user transactions on the network surging again.
According to an update from the Terra Classic Foundation, the network saw a new all-time high in transaction figures. On November 22, the network saw a record 589,000 transactions, a significant increase from the average of 300,000 recorded in the past month.
~ 589k transactions yesterday. Wow 😲 pic.twitter.com/c1m22P7fRC
— Terra Classic Foundation (@TCF_Terra) November 23, 2023
Another metric shows that the staking ratio on Terra Classic is back on the upward trend. Staking ratio is the amount of a cryptocurrency’s circulating supply that users stake to support decentralization while earning rewards. Terra Classic’s staking ratio has bounced back above 15% following a brief decline in mid-November.
The rise in Terra Classic network usage and staking ratio suggests improved user sentiment towards the project and that the ecosystem is on track for recovery.
Evidently, such growth must be sustained over a considerable period for Terra Classic to stand any chance of regaining its foothold in the broader blockchain ecosystem.
Terra Classic (LUNC) and USTC Slightly Recover
For the Terra Classic community, the long-term ambition is to help the price of LUNC and USTC bounce back to their previous highs. Notably, the past month has yielded good results toward that goal.
After a dramatic rise earlier this month, the price of LUNC has settled around $0.00007485, representing a 24% increase on the monthly chart. Similarly, USTC is trading at $0.0133, gaining 13% in the past month.